RenovoRx auditor Baker Tilly to resign; CEO salary restored with bonuses after $17.2M equity raise

RenovoRx, Inc.

Baker Tilly resigns as auditor effective after Q2 2024 10-Q filing (expected Aug 2024); no accounting disagreements.
Material weakness in internal controls for FY 2023 and 2022; prior going concern opinion noted.
CEO Shaun Bagai salary increased to $520k (from $390k); three other NEOs also received salary restorations.
One-time cash bonuses awarded to NEOs totaling ~$292k, tied to $17.2M equity financing in 2024.
Company expects overall annual executive comp to decrease due to earlier management changes and promotions.

item 4.01 item 5.02 item 9.01

Key facts

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Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Baker Tilly US, LLP resigned as auditor of RenovoRx, Inc..

Action: resignation
Auditor: Baker Tilly US, LLP

Exact text from the filing

eceived a letter from Baker Tilly US, LLP (“BT”), notifying the Committee that BT has decided to resign as the independent registered public accounting firm of the Company effective immediately following the filing of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, which is expected to be filed in August 2024. The Company is currently in the process of interviewing other accounting firms to replace BT as the Company’s independent registered public accounting firm upon the effectiveness of BT’s resignation. The reports of BT on the Company’s financial statements for the fiscal years ended December 31, 2023 and 2022,

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RenovoRx, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-017745

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